By Living Room Realty, July 16, 2020
Low, Low Inventory
Sellers rejoice, buyers compete even harder than before.
The most striking figure from the latest market report is 1.5 months of inventory. Inventory is down almost an entire month from May; a severe lack of homes on the market in the Portland Metro Area. The number of active buyers is clearly up as the overall number of new listings increased by 7% over May as well.
Buyers are looking for homes that work better for their lives as they now know them and are actively taking advantage of historically low mortgage interest rates. Sellers are getting more money and better terms when they put their home on the market than before.
Only time can tell what the long-term impact the pandemic will have on our local economy; lots of speculation out there. What we do know for certain is that there is a significant resistance by sellers to put their homes on the market compared to last year and buyers are feeling the pinch. BIG TIME.
If you have considered selling recently, now is a great time to get going. Reach out and we can talk about what your home is worth in today’s market and how to sell it safely.
Virginia Barden | Licensed Broker in Oregon
Living Room Realty
971-284-0657
